A common question that I get regarding claiming Social Security benefits has to do with the potential negative impact of claiming a benefit on either a spouse, divorced spouse, or even their own future benefit.   In today's article, let's discuss when claiming a Social Security benefit could negatively impact another benefit. … [Read more...]

If you have a government pension and a Social Security benefit, your Social Security benefit may be reduced by both the Windfall Elimination Provision (WEP) which impacts your own Social Security benefit or the Government Pension Offset (GPO) which impacts your Social Security spousal benefit.   What is not generally known is that both these reductions are calculated based on the amount of government pension ACTUALLY BEING RECEIVED CURRENTLY. … [Read more...]

I've known for a long time that the most common age for both men and women to claim Social Security benefits is just after the age of 62, which is the earliest age available.  In fact this is the slide that I show in the Maximizing Social Security class: … [Read more...]

I recently came upon one of the best summaries of how to Maximize Social Security benefits, put together in an easy to understand paper, but packed with all the best information.  I got done with it and thought, “Whew...That pretty much sums it up!” … [Read more...]

You may know that before you reach Full Retirement Age, if you are receiving a Social Security benefit that you are limited in how much income you can make before your benefits are reduced.   But what happens if you retire, begin your Social Security and THEN get a payment from work such as severance or vacation and sick pay?  Does that count toward your “work income”? … [Read more...]